Clearwater Seafoods on Wednesday reported second quarter 2013 sales of CAD 95.4 million (USD 91.6 million, EUR 68.6 million) and adjusted EBITDA of CAD 17 million (USD 16 million, EUR 12.2 million) compared to CAD 85 million (USD 81.6 million, EUR 61 million) and CAD 16.7 million (USD 16 million, EUR 12 million) during the same time in 2012
Adjusted EBITDA for the quarter of 2013 increased 2 percent compared with the second quarter of 2012 due to a strong and growing market demand for Clearwater’s products, said the company, which is evident in top line growth, partially offset by higher clam and shrimp harvest costs incurred due to weather related harvest disruptions during the first quarter and early in the second quarter.
For the second quarter of 2013, earnings improved by CAD 600,000 (USD 575,800/ EUR 431,600), primarily due to lower interest expense. In addition, realized foreign exchange losses from the translation of the US dollar denominated debt, that settled June 2013, contributed to a non-operational loss in earnings for the second quarter.
For the first half of the year, the company reported sales of CAD 163.7 million (USD 157 million, EUR 117.8 million) and adjusted EBITDA of CAD 27.9 million (USD 26.8 million, EUR 20 million) compared to CAD 155.8 million (USD 149.5 million, EUR 112 million) and CAD 27.7 million (USD 26.6 million, EUR 19.9 million) during the same time period last year.
“Management is satisfied with the progress made in the second quarter and year-to-date periods and expects the company to hit its annual targets for 2013,” said Ian Smith, CEO. “Strong catch rates in the latter part of the second quarter and the first part of the third quarter have resulted in both higher available volumes to sell in the third and fourth quarters at a lower cost of capture. When combined with strong demand, this should yield strong sales, margins and EBITDA consistent with our annual targets for 2013.”
